Morning Coffee Pre-Market Wall Street News

Cyprus Rejects Bailout Tied to Savings Tax. Yesterday the Cypus government voted not to accept a eurozone bailout package that would have raided bank accounts in the form of a tax. Cypriot President Nicos Anastasiades is now holding emergency meetings with party leaders and troika representatives. Finance Minister Michael Sarris is in Moscow speaking with leaders to see if a bailout could be working out with the Russians.  Reports also say that Cyprus's orthodox church has offered to mortgage its assets to invest in the country’s government bonds. Meanwhile all banks in Cyprus remain closed.

Upgrades

Walgreens (WAG): Citigroup raised their rating from Sell to Buy and raised their target price from $32.00 to $51.00. Pre-market: 45.26 +0.52 (1.16%)

Downgrades

Adobe (ADBE): Stifel lowered their rating from Buy to Hold. Pre-market: 43.00 +2.25 (5.52%)

AmerisourceBergen (ABC): ISI Group lowered their rating from Buy to Neutral and placed a target price of $54.00 on the company.

Cardinal Health (CAH): ISI Group lowered their rating from Strong Buy to Buy and lowered their target price from $50.50 to $48.50. Pre-market: 42.40 +0.05 (0.12%)

Cardinal Health (CAH): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $47.00 to $43.00. Pre-market: 42.40 +0.05 (0.12%)

Con-Way (CNW): Stephens lowered their rating from Overweight to Equal Weight and maintained a target price of $34.00.

Deere & Co. (DE): Wells Fargo lowered their rating from Market Perform to Underperform and lowered their target range from $90.00 - $93.00 to $72.00 - $75.00. Pre-market: 89.85 -0.72 (-0.79%)

Symantec (SYMC): Oppenheimer lowered their rating from Outperform to Perform. Pre-market: 24.00 -0.22 (-0.91%)

Walgreens (WAG): Goldman Sachs lowered their rating from Conviction Buy to Buy and raised their target price from $46.00 to $50.00. Pre-market: 45.26 +0.52 (1.16%)

Coverage Initiated

Akamai Tech (AKAM): FBN Securities initiated coverage with an Outperform rating and target price of $45.00. Pre-market: 35.04 +0.37 (1.07%)

Charter Communications (CHTR): Atlantic Equities initiated coverage with an Overweight rating and target price of $117.00.

Equinix (EQIX): FBN Securities initiated coverage with an Outperform rating and target price of $274.00.

NetSuite (N): FBN Securities initiated coverage with an Outperform rating and target price of $85.00.

PVH Corp. (PVH): JPMorgan initiated coverage with a Neutral rating and target price of $120.00.

Salesforce.com (CRM): FBN Securities initiated coverage with an Outperform rating and target price of $210.00.

Earning Reports

Adobe Systems (ADBE): Reported EPS of $0.35 beating estimates by +$0.04. Pre-market: 43.00 +2.25 (5.52%)

Cintas (CTAS): Reported EPS of $0.60 missing estimates by -$0.02. Pre-market: 44.66 -1.27 (-2.77%)

FedEx (FDX): Reported EPS of $1.23 missing estimates by -$0.15. Pre-market: 102.60 -3.86 (-3.63%)

General Mills (GIS): Reported EPS of $0.64 beating estimates by +$0.07. Pre-market: 46.30 -0.12 (-0.26%)

Lannar (LEN): Reported EPS of $0.24 beating estimates by +$0.08. Pre-market: 41.75 +0.33 (0.80%)

Williams-Sonoma (WSM): Reported EPS of $1.34 beating estimates by +$0.05. Pre-market: 47.50 +2.29 (5.07%)

Markets: 
Futures at 7:50: Dow +0.24%. S&P +0.21%. Nasdaq +0.49%. Crude +0.71% to $92.81. Gold -0.15% at $1608.90.

Europe: London -0.09%. Paris +0.57%. Frankfurt +0.42%. 

Asia: Japan closed. Hong Kong +0.97% to 22256. China +2.66% to 2317. India -0.65% to 18884.